PSL North America sold to India's Jindal SAW

Aug 20, 2014 | 04:34 PM | Michael Cowden

Tags  PSL North America, PSL USA, Jindal SAW, Jindal Tubular USA, bankruptcy, bankruptcy auction, Chapter 11, AM/NS Calbert steel

CHICAGO — Bankrupt large-diameter spiral-weld pipe maker PSL North America LLC has been sold to India’s Jindal SAW Ltd. for $100 million.

The $100-million offer by Jindal SAW subsidiary and stalking horse bidder Jindal Tubular USA LLC remained the "highest and best" after an auction held Aug. 15, according to a sales order filed in U.S. Bankruptcy Court in Delaware and signed by bankruptcy court judge Peter J. Walsh.....

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